Ryan Cohen donates $35 billion for eBay: a strategic move or a risk?
GameStop (NYSE: GME) CEO Ryan Cohen made an unexpected decision that is already being called one of the boldest in corporate history for 2026. He asked the board of directors to withdraw the vote on his bonus, which could have reached $35 billion if ambitious goals were met. The reason is his desire to fully focus on a potential deal to acquire eBay. This is not just a gesture; it is a clear signal to the market about priorities.
Rejecting a Giant Bonus: What's Behind the Decision?
The board of directors approved this bonus back in January 2026, long before the announcement of plans to acquire eBay. The key conditions for the payout were GameStop's market capitalization reaching $100 billion and achieving a total EBITDA of $10 billion. By withdrawing the bonus request now, Cohen removes potential corporate governance issues ahead of the annual shareholder meeting scheduled for July 7. This move shows that the company's future is now directly tied to the potential acquisition of eBay.
The eBay Deal: Ambitions and Obstacles
Cohen stated that the company must be "fully focused" on efficiency and the eBay deal. After GameStop announced its intention to buy eBay at $125 per share, paid for with cash and its own stock, the company's shares briefly attracted increased interest from meme coin enthusiasts. However, eBay's board of directors called the offer "unconvincing and unattractive" and rejected it.
Cohen continued the pressure, openly criticizing eBay's $2.4 billion marketing expenses and pointing out the platform's inconvenience. In response, eBay blocked Cohen's trading profile in May, bringing the corporate dispute into the public sphere.
Vision for the Future: From Games to Digital Commerce
Cohen envisions the future combined company as a digital marketplace for trading gaming items, where in-game assets like skins become full-fledged goods with real value. The project targets the fast-growing secondary trading market, which is currently almost closed to outside buyers. Realizing this idea requires eBay's scale, its network of sellers, and its payment infrastructure.
However, the market is skeptical: on Polymarket, the probability of the deal closing is estimated at only 14%. Market participants largely do not believe eBay's board will sit down at the negotiating table. Meanwhile, GameStop (GME) shares are trading at $21.16, up 0.64% over the past day.
Analytical Conclusion: Cohen's rejection of $35 billion is a powerful but risky maneuver. It demonstrates his confidence in the deal's success, but the market's low assessment of the acquisition's probability suggests investors should be prepared for any outcome. GameStop's presentation this week will be a key signal: either we will see a compelling plan that changes eBay's board's mind, or the beginning of the end of this ambitious story.